From the following receipts and payments and information given below, Prepare Income and Expenditure Account and opening Balance Sheet of Adult Literacy Orgnisation as on December 31, 2017.
Receipt and Payment Account for the year ending as on December 31, 2017

Information:
(i) Subscription outstanding as on 31.12.2016 Rs.2,000 and on December 31, 2017 Rs.1,500.
(ii) On December 31, 2017 Salary outstanding Rs.600, and one month Rent paid in advance.
(iii) On Jan. 01, 2016 orgnisation owned Furniture Rs.12,000, Books Rs.5,000.

Answer

Surplus Rs. 22,300, Opening Capital Fund Rs.38,550, Total Balance Sheet Rs. 61,950